Employees’ Provident Fund Organisation’s (EPFO) Central Board of Trustees (CBT) has approved the development of a centralised IT- enabled system by C-DAC, which will allow the integration of all EPF accounts. This action will make it easier for employees to change their jobs without the worry of transferring their EPF accounts to their new workplace.
In an official statement, Union Labour Minister of State, Bhupender Yadav, who chaired the meeting, explained that after the centralised system is implemented, the field functionalities will be shifted to a central database in a phased manner, to help carry out operations in a smoother manner. It’ll facilitate de?duplication and merger of all PF accounts of the members. The system will remove the requirement of transfer of account on change of job.
Till now, when people leave their jobs, they are required to open a new EPF account at their new workplace and then have the money transferred to the new account. They have to perform this process online, on the Member Sewa portal of the EPFO, using their Universal Account Number (UAN), which should be linked with Aadhaar.
If the UAN is not linked with Aadhaar, then the employees will have to submit a new form to their new employer to get the process of money transfer started.
This new system will help eliminate all the extra work needed to transfer money to a new account when employees take up a new job.
